by Mike Conroy
Prior to the Montgomery Village Foundation (MVF) Annual Meeting on March 31, the MVF Board of Directors held their regular March business meeting. The Board appointed the 2016 Scholarship Committee, whose duties involve reviewing applications from high school seniors and choosing award recipients from both Watkins Mill and Gaithersburg high schools.
The 2016 appointments include Mary Helen Amery (chair), Clare Conlon, Jim Andary and David Cline.
The Board also accepted the 2015 Audited Financial Report, as submitted by auditors from Malvin Riggins & Company, P.C. MVF received an unqualified opinion and no significant deficiencies or material weaknesses with MVF’s internal controls. 2015 financial information from the audit will be available in the Annual Report, which will be published with the Friday, April 22 Village News.
Finally, the executive vice president was approved to execute a contract and lease agreement for landscape services with The Brickman Group. The 5-year contract proposes increases in years 1 to 3 and no increase in years 4 and 5, for an average of 2.1% increase each year. This proposal is reasonable considering the contract has remained steady for the last several years. Billable services will follow a similar increase. The new agreement would commence on January 1, 2017.
Executive Vice President Dave Humpton notified the Board of an upcoming meeting with the new owners of the Montgomery Village Center, Atlantic Realty Companies (ARC). He said the purpose of the meeting, scheduled for 7 p.m. on Thursday, April 21 at North Creek Community Center, 20125 Arrowhead Road, was to meet with the community and discuss ARC’s vision for the future of the Village Center. He encouraged the Board and residents to attend. Humpton also mentioned that there had been no significant movement on any of the previously reported proposed legislation at either the state or county levels.
In response to a question regarding development on the former golf course property, Humpton said that Monument Realty was currently in a study period, looking at environmental and other impacts. He noted that there have been no permits issued by the county, and the current process would be lengthy for Monument.
Treasurer Beth-Ellen Berry gave the financial report for both the month of February and the year-to-date (YTD), reporting on the Operating, Reserve and Fixed Asset funds.
Revenue was reported as under budget by approximately $45,000 for the month and $60,000 YTD, due primarily to assessments, collections and investments. Camps and classes were reported as favorable to the budget by about $10,000. Personnel costs are running favorable to the budget YTD due to timing of payroll and are expected to level out throughout the year. Operating expenses are also favorable to the budget for both the month and YTD, but because it is early in the year, there are no noticeable trends for comparison.
Contributions to Reserves were made in accordance with the budget of $85,434 for the month and $170,869 YTD. The Capital Contribution Fee saw a $6,633 increase in February and totals $13,045 YTD.
Year-to-date, $178,206 was spent on Reserve Related Assets. Net Income for both the month and YTD was reported favorable to the budget; approximately $186,000 in February (favorable by $8,000) and $339,000 YTD (favorable by $50,000). The Balance Sheet as of February 29 continues to show MVF’s solid financial position. MVF currently has $7,878,698 in Cash and Investments, with $1,833,151 in Undesignated Reserves and the balance in Designated Reserves.
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, April 28 in the North Creek Board Room, 20125 Arrowhead Road. The meeting begins promptly at 7:30 p.m. with Residents Time. Residents are invited and encouraged to attend. The meeting agenda and information packet will be available online the week of the meeting.